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Competitor Analysis

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You can only stand out when you go beyond what everyone else is doing.

One of the most critical metrics to understand the strength of your strategy is to keep an eye out for what your competitors are doing. Business Competitive Analysis at Bizcon often begins by meticulously identifying who your closest competitors are and how they perform. This research serves as the point of comparison and a benchmark for your strategies.

Although competitor analysis typical involves plotting your strengths and weaknesses against your competitors, it would be beneficial to include a deep dive into the competitors’ business that goes beyond a general competitive analysis that focuses on specific aspects of the business. At Bizcon, the competitor analysis services is tailored to fit the needs and match the goals of your business.

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One of the first documents that you will need for your business includes the competitor analysis, which will help you assess where your business or idea stands in comparison to the existing businesses in the market.

This typically involves looking at similar businesses in your industry and in your geography. For example, it may be irrelevant for you to compare your hardware business in the UAE to a local hardware store in London because that is not the geography you cater to. However, if you decide to expand your business to London, this store will become your competitor. Moreover, the London store might be using some great marketing strategies that you could draw inspiration from and customise to formulate your market strategy.

Thus, you can see that in-depth competitor analysis needs to factor in various different components and analyse each potential competitor in a different way to put together the analysis. The inferences drawn from all competitors need to tie back together in a logical flow that makes the competitor analysis easily readable. Competitor analysis gives more than one insight which makes a coherent flow extremely necessary for businesses to truly leverage the results of the analysis.

Here are 5 ways in which a well-research competitor analysis can help to grow your business.

1

Get a feel of your target industry

To excel in any particular area, you first need to understand the area and how it functions. If you want to make electric vehicles, but there is already a company that is enjoying a monopoly, you need to assess the magnitude of the competition you will have to face. Maybe, your competitor has direct access to the only supplier of an important part of the vehicle. This would make it extremely difficult for you to make an entry. A thorough competitor analysis could help you understand the landscape of the industry from a bird-eye view.

2

Develop your unique value proposition

When you know exactly what your competitors offer, you can then assess what their customers still don’t get from the competitor. Your competitor may be a leading furniture manufacturer, but maybe the customers would prefer something more affordable or even something more modern with unique colours. This could you help develop your unique value proposition, catering to the current needs of the customers and capturing the market with it. This can only be assessed with a competitor analysis that goes deep into the customer feedback the competitor gets.

3

Keep yourself motivated with realistic benchmarks

Your competition is also your biggest benchmark. Comparing your progress to theirs will help you assess whether you are performing in the most optimum way possible. If you have managed to convert 50% of your leads to paying customers, but your competitor converts 75%, you will know that a review of your sales process is necessary. These comparisons are necessary benchmarks against which you will structure your strategies and place the milestones for your business to achieve.

4

Make your competitor’s successful strategy a case study

Your competitor could greatly influence your strategies which is why it is important to keep a close watch on what has worked for them in the past. Learning from their experiences could help you develop strategies and fast-track your learning curve. For instance, if a B2B SaaS company launched their product through a tech event for small and mid-sized companies, you could consider reaching your target audience in the same way. Based on the sales strategy your competitor has used, you could build your own strategy to ensure a similar level of success. The results will also help you analyse the response of your product when compared to the competitor.

5

Refine your marketing strategy to generate leads

Your marketing strategy needs to be updated to keep up with the latest trends. It is the only sure-shot way of generating brand awareness and directly communicating with your target audience. In comparison to your competitors, you need to maintain a competitive edge, especially when it comes to marketing. For instance, a wearable tech brand did a digital marketing campaign with a popular cricketer, and it got them a lot of publicity. If you are a competitor, you could also consider doing the same to create brand awareness. However, you could make sure that you add your flair to the campaign so that it does not look like a direct duplication.

With the right consultants spearheading the competitor analysis for your business, you will be able to use the findings in more ways than one. With Bizcon as your strategic partner, you can delve deep into the analysis of your competitors and use it to your advantage in the best way possible.

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